Puig, the family-controlled perfume and cosmetics group, has become the majority shareholder in fashion house Jean Paul Gaultier after it purchased a 45% stake in the company from fellow family-controlled business Hermes.
Puig said in a statement on 4 May that it has bought Hermes’ full 45% stake in Jean Paul Gaultier for €16 million, along with some of the designer’s shares, but added that founder Jean Paul Gaultier – after whom the company is named – will continue to be responsible for its creative activities.